Unsolicited Chase loan modification leads to foreclosure
This story is particular heinous on the part of Chase. The homeowners were tooling along just fine in the home they owned for 17 years, having never missed a mortgage payment, when out of the blue Chase offered them an unsolicited loan modification and the chance to lower their payment. Under the various stages of the process of working towards a permanent modification, the homeowners made all required payments.
Chase then dropped a bomb on them and told them they were behind $50,000 and needed to pay up or get foreclosed upon. Unable to come up with the surprise balloon payment, Chase foreclosed upon them and they are now fighting eviction.
Chase’s behavior essentially amount to entrapment.
This is a new low for Chase.
Bad bad Chase, Foreclosure, Loan modification | admin November 8, 2010
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By Alessandro Machi, November 9, 2010 @ 1:09 pm
Excellent find. Once again, you have just witnessed parallel foreclosure in action, an offense so vicious that Barack Obama and his administration should be impeached for violating the Federal Hobbs Act, the extortion clause.